The summit in London and New York in late June explored developing master templates for smart contracts, the self-executing contractual agreements used to trade, record and manage assets on distributed and shared ledger platforms, and how they could be implemented within legal and regulatory frameworks.

As well as R3's consortium members, the summit was attended by standards bodies, law firms, academic institutions, exchanges and market infrastructure providers. There were 60 representatives from 20 institutions - and presentations from Barclays, the International Swaps and Derivatives Association (ISDA), Norton Rose Fulbright, University College London (UCL) and R3 (International Business Times, 2016).